Service Corporation International, Dignity(R), NYSE:SCI has been changing the NAME of Preneed Recently to funeral insurance. Preneed has been really having a bad time lately. There has been a triad of historic Preneed Funeral Scandals: The NPS (National Prearranged Services), The Illinois Funeral Directors Association Preneed Funeral Scam, and the recent California Funeral Directors Association Scandal.
They have been doing it at their North Carolina Dignity(R) site.
Changing the name of Something that has a bad name does not change what it is or or it’s reputation.
Funeral Industry|Funeral News|Funeral Blog by Your Funeral Guy
Service Corporation announced the acquisition of Palm Mortuary in Las Vegas on Thursday, December 3rd 2009 in a PR-Web press release. This effectively gives Service Corporation International control of the Las Vegas Funeral Market. This deal was approved by the Federal Trade Commission and the Attorney General of the State of Nevada.
#1 Funeral Corporation in the world purchases Palm Mortuary
Service Corporation International is the World’s largest provider of Funeral Services. It is known for its aggressive acquisitions in the Funeral Industry. It also is known for it’s high prices. In 2009 it has been plagued with Scandal and had a disaster of a year financially in 2009.
To handle this SCI(NYSE:SCI) has resumed a strategy of cutting operating costs(quality of service decline) and acquiring new properties such as Palm Mortuary in Las Vegas. This is not a good situation for the funeral consumer in Las Vegas. In the long run Consumers there will pay more and find it difficult to come in under the average cost of a funeral.
Funeral Industry|Funeral Blog by Your Funeral Guy.
The funeral industry is in decline. This can be seen by the latest numbers from Service Corporation International, SCI, NYSE:SCI. Worlds Largest Funeral Corporation loses millions again.
Millions and tens of millions of Service Corporation loss in dollars , in almost every category. SCI showed profits in the third quarter bylaying people off
and not paying overtime.
Revenue loses total about 19 million.
Revenues decreased to $497.2 million from $516.4 million last year. Analysts expected revenue of $480.73 million for the quarter.
After Scandal after Scandal, Financial decline, and a national display of incompetence in the Ted Kennedy Funeral |Service-Corporation International went boasting today. They Brag about their superior management skills after a major purchase.
Service Corporation International Is doing Everyhing it can To Keep its big boss funeral reputation
With all that bad news it appears that Service Corporation International is determined to maintain its big Funeral Boss, Big Death, Big Cemetery,World’s Largest Funeral Corporation Status.
Google reported the Keystone North America Purchase to be $208 Million, Other sources say the purchase is for $256 Million.
SCI may be reviving it’s acquisition strategy to survive!
Here’s the Bragging:
As demonstrated with our purchase of Alderwoods in 2006, we have a proven capability of successfully integrating large acquisitions,” concluded Ryan. “I applaud the SCI team and thank them in advance for their efforts.”
Keystone President and CEO Steve Tidwell stated, “Clearly the potential of this business combination is compelling. With this enhanced operating platform and the combined talent of our two organizations, we believe we can grow this business segment organically and through strategic acquisitions at very reasonable prices, further leveraging our scale in pursuit of customers that value our services.”
“The migration of the Baby-Boomer generation to suburban and rural areas over the coming years will represent a significant opportunity for growth,” added SCI Executive Vice President and Chief Operating Officer Mike Webb. “This transaction and the addition of key members of the Keystone Management team, including President and CEO Steve Tidwell, will position us as the unparalleled leader in this market with over 500 businesses, generating more than $350 million in revenues and serving over 68,000 families per year.”
“Our current portfolio has over 300 similarly positioned businesses which consistently generate solid margins and predictable cash flows,” said SCI President and CEO Tom Ryan. “We believe the opportunity to nearly double our presence in this attractive segment through an accretive transaction will generate significant value for our shareholders.”
Keystone, headquartered in Tampa, Florida is North America’s 5th largest provider of death-care products and services with 199 funeral homes and 15 cemeteries operating in 31 states and the Province of Ontario, focusing specifically on the small to mid-size markets.
At SCI’s Eden Memorial Park in Mission Hills, California it has been repeated that Human Remains were thrown out like Trash. This is according to the Attorneys in the case. With all that has gone at Service Corporation International in 2009 one has to ask the question:
With all that has happened with Service Corporation International who would trust these folks?
The cemetery is alleged to have intentionally damaged existing vaults and then move the remains so they were able to squeeze more burial plots, and get more profits.
According to attorneys, some remains were “dumped like trash.” In a class-action lawsuit, one of the attorneys says it’s simply a case of profits over people, and they alleged that this has been going on for at least 10 years.”
Funeral Industry Funeral Blog by Your Funeral Guy.
Changing the name of Something that has a bad name does not change what it is or or it’s reputation.
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